Beneficiary Designations. The Director shall designate a beneficiary by filing a written designation with the Company. The Director may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Director and accepted by the Company during the Director's lifetime. The Director's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director, or if the Director names a spouse as beneficiary and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director's estate in a lump sum.
Appears in 16 contracts
Samples: Incentive Retirement Agreement (Smithtown Bancorp Inc), Incentive Retirement Agreement (Smithtown Bancorp Inc), Retirement Agreement (First Litchfield Financial Corp)
Beneficiary Designations. The Director shall designate a beneficiary by filing a written designation with the Company. The Director may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Director and accepted by the Company during the Director's lifetime. The Director's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director, Director or if the Director names a spouse as beneficiary and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director's estate in a lump sumestate.
Appears in 13 contracts
Samples: Trust Director Deferred Fee Agreement (Southern Michigan Bancorp Inc), Fee Agreement (First Community Bancshares Inc /In), Fee Agreement (North Valley Bancorp)
Beneficiary Designations. The Director shall designate a beneficiary by filing a written designation with the Company. The Director may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Director and accepted by 105 the Company during the Director's lifetime. The Director's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director, or if the Director names a spouse as beneficiary and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director's estate in a lump sum.
Appears in 1 contract
Samples: Director Incentive Retirement Agreement (First Litchfield Financial Corp)
